All About Ripple (XRP)

Why is Ripple a promising investment?

For one, Google owns shares in Ripple Labs, so it’s most likely that Google Pay will use the Ripple system to create a more effective way for payment transactions. If that happens, Google’s predominance will make the ripple unstoppable. The second reason are all the banks that are partnering up with ripple. Especially, the central bank of Saudi-arabia has started a test run with the ripple system and if its turnout is positive, the majority of the banks in middle east will have to use the ripple system.

What is Ripple?

Unlike other cryptocurrencies Ripple isn’t based on a blockchain. The system of XRP relies on a list of debt securities, the so called IOU (I owe you). These debt securities are available in all kinds of currencies and also in their own currency the XRP. All debt securities are listed in a register which is updated every few seconds. This register contains all account balances of the Ripple coin and logs for all processes within the network. The register itself is located in a public database, to which everyone has access. Thus, ripple ensures transparency between the participants.

What’s the purpose of Ripple?

Ripple was designed as a transfer system for money orders, so money can go safely form A to B. The system is mainly used by and between banks. Along with those, Ripple continues to develop its system which is designed to suit the banking infrastructure. At some point, payment orders should be able to be standardized with that system.

What are the benefits?

Event though, the system isn’t based on a blockchain it still remains to be cryptic, so money can be safely transferred between two parties. Because of the system’s design, a transaction can be done in almost real time. In addition, Ripple is open to a large number of FIAT currencies, which makes international payments easier. For that reason, Ripple can also be used for currency exchanges.

Who are their Partners?

Many banks all over the world have already partnered up with Ripple. On their website, there are 40 members listed so far. The following are a few of them:

UBS (Switzerland) / American Express / CIBC (Canadian Imperial Bank of Commerce) / MUFG (Mitsubishi UFJ Financial Group) / RBC Royal Bank (Canada) / UniCredit (Italy) / Cambridge Global Payments (USA) / Banco Itau (Brasil)

General Information from coinmarketcap.com: